The charts say the S&P is heading into a ‘treacherous’ pullback

Since the S&P 500 began the rally we were expecting off the 1800 region in February 2016, we have been targeting this rally to strike at least the 2487 region before we saw a bigger pullback, as you can see from the larger target on our daily chart.

Over the last several months, I refined my target for this move up in the S&P 500 SPX, +1.00% to the 2487-2500 region, which is the lower end of that target box on the daily chart. And, for the last few weeks, I have been warning all those that were willing to listen that we were likely quite close to an intermediate-term market top, as I believed we were completing wave (3) noted on the chart.

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